Ken Fisher Sits Out This Dance: Reducing Stocks in Latin America
As for companies in countries known for their dances - salsa,
cumbia and samba - Guru
is now dancing to another tune, his own, after some long holding
periods with three stocks that have not shown gains. Guru
is the CEO and chief investment officer of Fisher Investments and
author of Forbes' prestigious "Portfolio Strategy" column for
over two decades.
Reducing Positions of Companies in Mexico, Colombia, Brazil
Here's a look at three recent sells by the Fisher Asset Management LLC portfolio. As of April 9, 2013, Fisher's portfolio listed 483 stocks, with 54 new stocks. The total portfolio value is $3.76 billion, with a quarter-over-quarter turnover of 8%.
As of quarter ending March 31, 2013, Ken Fisher reduced his position in Mexico's wireless communications company America Movil, S.A.B. de C.V. ( AMX ) by 91.69%. After selling 11,040,716 shares at an average price of $22.68, Fisher lost 6.2%. His current AMX shares stand at 1,000,307. The current share price is $20.92, down 8% change from average. The company is down 9% over the last 12 months.
America Movil provides wireless communications services in Latin America to over 90 million subscribers, with telecommunications operations in Mexico, Guatemala, Nicaragua, Ecuador, El Salvador, Brazil, Argentina, Colombia, United States, Honduras, Chile, Peru, Paraguay and Uruguay.
A review of Fisher's quarterly AMX buys and sells since second quarter 2008 shows this stock to be in the red for every quarter except three (a gain of 33.5% in fourth quarter 2008, a gain of 50% in first quarter 2009, and a gain of 21.4% in second quarter 2009) in the last five years. The average price of shares bought was $25.38 with a 16% loss. The average price of shares sold was $22.54 with a 6% loss.
His AMX holding history:
As of quarter ending March 31, 2013, Ken Fisher also reduced his position in Brazil's Petroleo Brasileiro S.A. Petrobras ( PBR ) by 98.71%. After selling 12, 535,029 shares at an average price of $17.52, Fisher lost 1.7%. His current PBR shares stand at 163,261. The current share price is $16.94, down 4% from average. The company is down 29% over the last 12 months. This integrated oil and gas company in Brazil and Latin America supplies crude oil and oil products. The Brazilian government owns all crude oil and natural gas reserves in Brazil.
A review of Fisher's quarterly PBR buys and sells since second quarter 2008 shows an average price for shares bought at $21.19 per share, with a 19% loss. For shares sold, he had an average price of $18.42 per share, with a 6% loss.
His holding history:
As of quarter ending March 31, 2013, Ken Fisher reduced his position in Colombia's Ecopetrol S.A. ( EC ) by 34.03%. After selling 1,073,454 shares at an average price of $59.38, Fisher had a loss of 13.9%. His current EC shares stand at 2,080,965. The current share price is $50.81, down 14% change from average. Ken Fisher is still the largest Guru stakeholder of the Colombian oil company after his trade.
Ecopetrol S.A. ( EC ) is a vertically integrated oil company operating in Colombia and overseas, with four business segments that include exploration and production; transportation; refining; and marketing and supply.
A review of Fisher's quarterly EC buys and sells since second quarter 2011 shows an average cost of $55 per share, and a loss of 7% on this holding. Fisher's EC shares have been losing since first quarter 2012.
His holding history:
See all of Ken Fisher's updated top buys, sells and holdings:
Check out numerous changes to Guru Ken Fisher's portfolio this quarter.
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